Understanding Loss Assessors and Loss Adjusters. What's the difference?

In the aftermath of a disaster such as a fire or flood, navigating the insurance claims process can be overwhelming. Loss assessors and loss adjusters play crucial roles in helping policyholders through this challenging time. Still, many may need help understanding the differences between these professionals or whether hiring one is worth it. In this article, we'll delve into the world of loss assessors and loss adjusters, answering common questions and shedding light on why hiring a loss assessor, such as Oakleafe, can significantly benefit policyholders.

Is it Worth Hiring a Loss Assessor?

One of the first questions that may arise when dealing with an insurance claim is whether it's worth hiring a loss assessor. The answer is a resounding yes, especially if you want to ensure a smooth and fair claims process. Loss assessors work on behalf of the policyholder, advocating for their interests and maximising their entitlements. They possess in-depth knowledge of the insurance industry and can navigate the complex claims process with expertise, ultimately saving policyholders time, stress, and potentially money.

What Do Loss Assessors Charge?

Loss assessors typically charge a percentage of the final settlement amount, which can vary depending on the scope and complexity of the claim. However, it's essential to note that many loss assessors, including Oakleafe, offer their services on a "no win, no fee" basis. If they fail to secure a settlement for you, you won't owe them any fees.

What is the Difference Between a Loss Adjuster and a Loss Assessor?

The two differ significantly while loss assessors and adjusters play roles in the insurance claims process. Loss adjusters are appointed by insurance companies to investigate and assess claims on behalf of the insurer. They aim to determine the extent of the loss or damage and ensure that the claim is handled fairly according to the terms and conditions of the policy. In contrast, loss assessors work solely on behalf of the policyholder, advocating for their interests and ensuring they receive the maximum entitlements under their policy.

Can I Appoint My Own Loss Assessor?

Yes, policyholders have the right to appoint their own loss assessor to represent them throughout the claims process. By doing so, they can level the playing field and ensure that their interests are protected rather than solely relying on the insurance company's appointed loss adjuster.

Who Pays Loss Assessors' Fees?

In most cases, the policyholder is responsible for paying the fees of their chosen loss assessor. However, as mentioned earlier, many loss assessors offer their services on a "no win, no fee" basis, alleviating any financial burden for the policyholder.

Do Insurance Companies Always Send a Loss Adjuster?

While insurance companies often send loss adjusters to investigate and assess claims, it's not always the case. In some instances, particularly for smaller claims, insurers may handle the claims process internally without involving a loss adjuster.